LABQ Diagnostics pays $5.8M to Robert Kremer for mixed-use in Upper West Side

LABQ Diagnostics through the entity 143 West 72nd Street Owner, LLC paid $5.8 million to Robert Kremer through the entity Par West LLC for midblock mixed-use building at 143 West 72nd Street in Upper West Side, Manhattan.
The deal closed on May 3, 2022 and was recorded on June 3, 2022. The property has 5,740 square feet of built space and 13,154 square feet of additional air rights for a total buildable of 18,900 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,010 and the price per buildable square foot is $306 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on May 31, 2005, for $3.1 million. The signatory for Robert Kremer was Robert S. Kremer. The signatory for LABQ Diagnostics was Alexander Seligson. The buyer LLC is at the location of LABQ Diagnostics. 

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer LABQ Diagnostics had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Kremer had not purchased any other properties and had not sold any properties over the same time period.

The property

The 143 West 72nd Street parcel has frontage of 18 feet and is 102 feet deep with a total lot size of 1,890 square feet. The zoning is C4-6A which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Upper West Side / Central Park West Historic District. The city-designated market value for the property in 2022 is $3.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations, $73,155 in ECB penalties, and $76,605 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Upper West Side, the majority, or 68 percent of the 95.5 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 13 percent of the space. In sales, Upper West Side has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Upper West Side has 1.9 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 48 commercial properties representing 435,007 square feet of the 697,841 square feet. The largest owner is MGA Management Corp., followed by Brusco Group and then Solil Management. There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 803,187 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 25 percent of the space.

Surrounding

Within a 400-foot radius of 143 West 72nd Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
One of those six items was a sale which Ostb 174 West 72nd Street, LLC bought the 7,755-square-foot, eight-unit mixed-use building (S9) on 174 West 72nd Street for $5.4 million from Maureen Donohue on January 11, 2022.
Of those six items, five were loans above $5 million totaling $174.7 million. The most recent of the five was David Edelstein which borrowed $7.1 million from JPMorgan Chase secured by the 30,712-square-foot, 36-unit rental (D3) on 133 West 71st Street on May 9, 2022.

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